Finding Your Events Industry Niche: How to Start (or Pivot) Successfully
You might be looking to expand your current event business, or maybe even start one from the ground up. Whatever your goal is, you need to first determine what your events industry niche is.
When you specialize in a certain area of events, you’re able to better serve your customers because you truly understand them and their needs.
Identifying your niche also directly feeds into your product offerings and marketing strategy. Find your place in the events industry now with these options:
Is there something missing in the market?
When looking to find your events industry niche, you may consider breaking into an untapped market. For example, Savannah Vintage & Event Rentals in Georgia was started when Dan and Stephanie Hoey were looking for vintage rentals for their own wedding and realized there were no options in their area.
When considering a new market, you’ll need to cover all your bases. Ask yourself why no one has done it already. If there’s no good answer, then you’re most likely onto something! Prepare a business growth plan so you can tackle this new area head-on.
Is there something doing really well in the market?
When determining your events industry niche, you want to make a decision that makes good business sense. Where is the demand in the market, and what’s it for? Do you live in an area with lots of young couples? Specializing in weddings may be a great moneymaker. Or, maybe sweet 16s are a popular event where you’re located.
If this is the case, you might consider investing in inventory that teens will love.
Consider the demographics of the area you live in, as well as your ability to purchase the right kind of inventory. Lots of pieces can be repurposed for various event types, so brainstorm ways you can make your current inventory work for your niche before investing in new items.
Is there a specific type of inventory item that your clients request often (for instance, vintage rentals)? Maybe something outside your scope is becoming increasingly popular. When you’ve had to turn away multiple clients because you don’t offer that certain product or service, you might want to consider taking it on.
You should also look at what your competitors are offering. Competitor analysis is a great way for you to get a sense of what your target market is looking for. However, be sure to put your own flare on the offering to show why clients should choose your event company.
Is there something you’re uniquely passionate about?
A certain aesthetic? Antique props? Success is often directly correlated with passion, so go after yours! After doing your market research, you may find that there’s a desire for something that’s right in your wheelhouse.
This is your opportunity to do what you love, and do it well. Clients will love the unique passion that you bring to the table!
Finding your events industry niche takes a lot of careful thought and planning, but it’s a rewarding process when you successfully bring clients’ event visions to life.
Consider untapped markets, products and services your competitors are offering, and any major moneymakers. Once you have your niche, you can tailor your inventory offerings and marketing around it. A solid niche is the foundation of a good business— it’s time to choose yours.
Carmen Bodziak is the Marketing Associate for Goodshuffle Pro, a party and event rental software company dedicated to empowering those in the events and decor industry. She also currently oversees theGoodshuffle Blog.